The former Methodist College flyer burst onto the scene in November 2010, crossing the whitewash twice on his debut against Cardiff Blues. He went on to register eight tries that season, establishing himself as one of the most exciting young players in European rugby.
Gilroy's fine provincial form was rewarded with a call up to the Ireland squad and he scored three tries in a non-cap fixture against Fiji in November 2012. He made a try scoring full international debut the following week versus Argentina and he has since amassed six caps and scored two tries.
Last season was arguably his best to date. At the age of 23, he became the youngest player to win 100 caps for Ulster, when he lined out against Benetton Treviso in February. He marked a fine individual campaign by picking up the Rugby Writers Player of the Year and Bank of Ireland Player of the Season awards at Ulster Rugby's annual awards dinner. He then went on to add the Guinness PRO12 Try of the Year award and was included in the 2014/15 PRO12 Dream Team.
Commenting on the contract renewal, Gilroy said: "I'm delighted to be staying. I still have huge aspirations with Ulster and Ireland so it's great to be continuing here with my home Province. I'm really enjoying my rugby and I've got a lot of family and friends here.
"I love playing for Ulster, particularly at Kingspan Stadium, where we receive fantastic support. It's a great place to play and it's a great place to score tries. The squad that we have, and that we are continuing to develop, looks really good and I think we're close to winning some silverware."
Ulster's Team Manager, Bryn Cunningham, added: "Craig re-signing with Ulster Rugby was paramount to our succession plan as he brings with him huge experience at such a young age. He is a member of our core group of young local players who will drive Ulster Rugby forward over the next few years.
"With dazzling footwork, combined with exceptional pace, he has now become one of the standout finishers in European rugby and is a firm favourite among our supporters. When you take into account the considerable interest in his services from across the water, we are delighted that he has chosen to remain with Ulster to display his undoubted talent."
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